Speaking at Dubai Precious Metals Conference 2013, DMCC Executive Chairman Ahmed bin Sulayem said Dubai has risen as a major global gold and precious metals trading destination, with over 20 per cent of the world's physical gold imported and exported through the Emirate.

"The value of gold traded through Dubai in 2012 was $70 billion, compared to $6 billion in 2003," Sulayem said.

"By building financial and physical infrastructure and developing the right regulation in line with international standards, DMCC has established Dubai as a major bullion centre and a global gateway for commodities trade," Sulayem said.

DMCC officials also revealed plans of developing the city's local and regional banks into bullion banks to address the needs of suppliers in Africa and consumers in India.

The third Dubai Precious Metals Conference will be held in April 6-7, 2014, an official statement said.